Corn
We basically spent most of the month between 354 and 343! What now? Well...more of the same with a small variation - the Medium MA (currently 357) is advancing lower rapidly and the Long MA (currently 362) is staring to do the same. Not until these reach the market and we see their impact would it be suitable to say anything.
Well, we've had an interesting pattern though I have to say that overall it has been a mixed month. The only pattern of note is the possible Bullish Double Bottom, one of which has a Pipe Bottom construction. We've formed these over the last two thirds of the month. However, we could be going for a Triple Bottom and it might even fail as the previous construction of a Double Bottom did in October... so don't hold your breath. That all being said, we have three out of four MAs pointing down and one tipping over lower so the least I can do is move the bullet point to mildly Bearish, I feel obliged to do so. However, just in case, I've placed an 'X' at the potential target for a DB on the Daily Chart above...around 358.
Support is currently 336, 335½, 328½ and 318½.
Resistance is currently at 347 - 348, 349¾, 351½ (dynamic) - 351¾ (dynamic), 353¾, 355¼, 358 - 359½ (dynamic).
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